公用事业行业周报：长协交易、海风竞配，江苏好戏连台

Investment Rating - The report maintains a rating of "Outperform" for the industry [73]. Core Views - The 2025 annual electricity transaction volume and price in Jiangsu province are expected to decline by 9% year-on-year, indicating intense competition among market participants [40][41]. - Jiangsu province has initiated a competitive allocation for 7.65GW of offshore wind projects, which is anticipated to contribute to the increase in offshore wind capacity in the region [45]. - In November, the output from hydropower and wind power decreased year-on-year, while the overall electricity consumption growth rate has slowed down [49]. Summary by Sections Industry Dynamics - The total electricity generation in November was 7,495 billion kWh, showing a year-on-year growth of 0.9%, which is a decline compared to previous months [27][49]. - Hydropower generation decreased by 1.9% year-on-year, while thermal power generation increased by 1.4% [27][49]. Company Announcements - Longyuan Power issued a mid-term note with a total amount of 2 billion yuan and a coupon rate of 1.85% [1]. - Zhaoxin Co. is engaging in a financing lease with a maximum amount of 50 million yuan for a term of 120 months [2]. - The company Tianfu Energy has projects that are expected to reduce revenue by approximately 78.61 million yuan due to changes in subsidy eligibility [2]. Investment Recommendations - The report suggests focusing on companies in the hydropower sector such as Changjiang Power and Qianyuan Power, while being cautious with companies like Guotou Power and Huaneng Hydropower [53]. - In the thermal power sector, it recommends attention to Sheneng Co. and Funeng Co., while being cautious with Huadian International and Jiangsu Guoxin [53]. - For nuclear power, China Nuclear Power is recommended, while China General Nuclear Power is advised with caution [53].